Nouriel Roubini On The One Big Reason To Be OPTIMISTIC About The National Debt

This is odd. A rare note ot sorta-optimism from Nouriel Roubini
regarding the US debt situation.

In a note this morning that he put with fellow analyst Arnab Das,
he writes:

The United States has the most manageable fiscal issues of any
major advanced economy because federal, state and local revenues
as a share of GDP are very low, for cyclical and other reasons.
Therefore, fiscal balance can be restored by fiscal
adjustment without major economic difficulty in the near
term.

In other words, US revenue and spending can be brought closer
into line via raising more revenue (as a share of GDP) and so in
reality this means raising taxes.

Obviously though the GOP is totally anathema to the idea of tax
increases as a debt solution.